Flying in the face of expectations, house prices have again risen in all major centres around Australia, according to figures which also show that homes in Western Australia are worth almost 50 per cent more than they were a year ago.
Figures released this week by the Australian Bureau of Statistics (ABS) show that established house prices rose in the September quarter by 2.2 per cent across Australia to an average annual growth rate of 9.5 per cent. Growth in new home (minus land) prices was more muted, up by 0.2 per cent over the quarter, and 2.6 per cent annually - less than inflation.
In Canberra the established house price index rose by 3.8 per cent over the quarter to an annual growth rate of 10.5 per cent. New home prices (minus land) rose by 0.7 per cent over the quarter to be 3.8 per cent higher over the 12 months to September 2006.
In Sydney the established house price index rose by a marginal 0.2 per cent over the September quarter, and is 1.4 per cent higher than in the September 2005 quarter. New home prices (minus land) fell by 0.1 per cent over the quarter, but are up by 0.5 per cent over the year.
Established house prices in Melbourne were up by 1.7 per cent over the September 2006 quarter, and 7.5 per cent annually. New home prices (minus land) were down by 1.6 over the quarter and 1.9 per cent annually.
Adelaide's established house price index is up by a marginal 0.6 per cent over the September quarter, and 6.4 per cent annually. The new home (minus land) index is also up by 0.6 per cent over the quarter, but only 2.6 per cent annually.
In Perth the established house price is up by 10.1 per cent over the September 2006 quarter, and a signficiant 45.9 per cent over the year. New home prices (minus land) are up by 3 per cent over the quarter, and 15.7 per cent annually.
Hobart's established house price index rose by 1.5 per cent over the quarter, and is 9.4 per cent when compared to the September 2005 quarter. The new house price (minus land) index is up by 0.3 per cent over the quarter, and 3.2 per cent annually.
Established house prices in Darwin rose by 3.1 per cent over the September quarter, and are 17.3 per cent higher in an annual sense. New home (minus land) prices are up by 3.4 per cent over the quarter, and 13.6 per cent over the year to September 2006.
